Buy now, pay later. Installment payments have exploded in popularity over the last few years, as more and more eCommerce stores are making it a checkout option. But merchants and customers alike have questions about these payment gateways.

It’s a fair question, but we’re here to help. Fyresite, your trusted Shopify partner, is here to breakdown how to use installment payments on your Shopify store securely.

Looking to transform your eCommerce experience? Let’s talk about how Fyresite can help you.

What are Buy Now, Pay Later Plans?

Buy Now, Pay Later (BNPL), is a Point of Sale (POS) short-term financing option. It allows a customer to complete their purchase by setting up an installment plan, with the first installment due at checkout.

The length of these terms and the amount of payments varies. Pay in 4 is a common choice, each payment typically due in 2 week intervals.

These short-term loans are typically interest free, provided each installment is paid in time.

Considerations for Buy Now, Pay Later Plans

Are you thinking about a BNPL plan for your store, but aren’t sure if it’s the right fit for your store? Consider the following when you make your decision.

If a Customer Buys With a BNPL Plan, Does That Impact My Payout?

If a customer uses a BNPL plan, you still get the full payout amount when they purchase. That’s because they’re doing a loan with the payment processor. The only difference between a BNPL purchase and an outright purchase is that you pay fees for the payment processor.

What Buy Now, Pay Later Processor is the Best for Shopify?

The best payment processor is subjective. Everyone has their own preference. However, if you’re looking for one that works seamlessly with Shopify, check out Shop Pay Installments.

Shop Pay is Shopify’s express checkout. With one login, customers can use their account to check out on any qualifying Shopify store. Shop Pay offers Shop Pay Installments, allowing customers to choose their payment terms. With the Installments, they have flexibility with no hidden or surprise fees.

There is a standard package, though eligible merchants can get the premium package with longer payment term options. Plus, you can view all your metrics in the Shopify Admin. No need to look in another spot.

Is Shop Pay Installments Worth It?

Despite all our experience, Fyresite can’t say what is or isn’t worth adding to your Shopify store. But Shop Pay Installments has metrics to back it up.

Merchants with Shop Pay Installments see

  • Up to 50% increase in average order value
  • 200+ million Shop users at your fingertips
  • Up to 28% fewer abandoned carts

Plus, Shop Pay allows you to sell in person or online. You don’t have to choose, or use different processors for eCommerce and brick and mortar stores.

If these are worth it to you, then Shop Pay Installments is worth it for your store.

Get the Most of Your Shopify Store

Is your Shopify store reaching its full potential? There’s always room for improvement. Schedule a free consultation with Fyresite today to get the most from your store today.